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Loan from a friend
What are the steps while filing ITR for the amount(5 lakhs) borrowed from a NRI friend for purpose of purchasing a house ,No agreement was made since the friend is not coming to India any time soon. Will the borrower have to pay tax etc please explain
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How the money transacted, by cheque/bank transfer or cash? if cash, how the NRI got the cash of Indian demonination? If by bank channel, keep records of bank transfer numbers, and show as loan in balance sheet of ITR.
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